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CHAPTER 15 THE PSYCHOLOGICAL AND BUSINESS INCENTIVES TO LIQUIDITY 第十五章 流动性偏好的心理动机和交易动机 I WE must now develop in more detail the analysis of the motives to liquidity-preference which were introduced in a preliminary way in Chapter 13. The subject is substantially the same as that which has been sometimes discussed under the heading of the Demand for Money. It is also closely connected with what is called the income-velocity of money;--for the income-velocity of money merely measures what proportion of their incomes the public chooses to hold in cash, so that an increased income-velocity of money may be a symptom of a decreased liquidity,-preference. It is not the same thing, however, since it is in respect of his stock of accumulated savings, rather than of his income, that the individual can exercise his choice between liquidity and illiquidity. And, anyhow, the term income-velocity of money carries with it the misleading suggestion of a presumption in favour of the demand for money as a whole being proportional, or having some determinate relation, to income, whereas this presumption should apply, as we shall see, only to a portion of the publics cash holdings; with the result that it overlooks the part played by the rate of interest. 现在，我们必须对第13章已经初步介绍过的流动性偏好的动机做更详尽的分析。分析的内容和有时与在对货币的需求标题下讨论的内容实质上是相同的，它也和所谓货币的收入流通速度紧密相联——因为货币的收入流通速度只是计量公众将其收入中选择有多大比例以现金形式持有。因此，货币的收入流通速度的提高可以被看作是流动性偏好降低的象征。然而，它们不是等同的事物，因为个人在流动性和非流动性之间能够进行选择的，是就他已经积累起来的储蓄存量而言，而不是就他的收入来说的。而且，无论如何，“货币的收入流通速度”这个术语本身就具有能导致误解的含义，认为对货币总体需求量总是与收入保持一定的比例，或与收入保持某种决定性的关系，而实际上，正如我们将要看到的那样，上述比例和关系仅仅适用于公众所持有的一部分现金，这种导致误解的涵义使人们忽视了利息率在其中所起的作用。 In my Treatise on Money I studied the total demand for money under the headings of income-deposits, business-deposits, and savings-deposits, and I need not repeat here the analysis which I gave in Chapter 3 of that book. Money held for each of the three purposes forms, nevertheless, a single pool, which the holder is under no necessity to segregate into three wa